Mormon church restructures business arm

Associated Press/March 6, 2009

Salt Lake City - The Church of Jesus Christ of Latter-day Saints is
revamping its business arm, the Deseret Management Corp., a holding
company for commercial enterprises ranging from restaurants at Temple
Square to real estate across the country.

Executives say Deseret Management Corp. will become an active
operating company that takes more control of its seven subsidiaries.

Deseret Management's new president and CEO, Mark H. Willes, will
become chairman of the board of each subsidiary, with their CEOs
reporting directly to him rather than their own boards.

Willes is a former General Mills Inc. executive who was chief of Times
Mirror Co. and later publisher of its Los Angeles Times before taking
over Deseret Management last month.

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